At House Estate Agents, we know that moving interstate can require tough decisions. Choosing whether to rent or sell can be one of the trickiest, and we can help.
Consider these questions before moving interstate:
1. How secure/long term is my new situation?
Before you decide on renting vs selling, think about the situation you're heading into. For example, are you moving to be with a partner, for a short-term contract or for a permanent position/promotion?
If the situation is permanent, selling may be best. However, if you may move back within 6 or 9 months, consider renting instead.
2. How much do I love my home?
If you love your dream home to pieces, you may not be able to bring yourself to sell. However, it would help if you also considered whether tenants would be able to keep it in an ideal condition.
In contrast, you may love your home too much to let strangers live in it, and selling may be a better option. Even the best tenants may not leave your home exactly as you remember it!
3. What are the rental/sales markets like?
Considering the market is critical. Is it a sellers' or buyers' market at the moment? Do research online and talk to local real estate agents (like House Estate Agents!) They can tell you how long it's taking to sell/lease properties like yours.
4. What is my tax/debt situation?
Consider your tax situation and debt level. Rental income is added into taxable income. If you have a large debt, that will be a tax deduction - if not, the rental income may push you into a higher tax bracket.
5. If I rent, who will manage the property?
Do you know a reliable property manager? We strongly recommend this over a friend or relative, as when you are many miles away, you need a firm hand ensuring rent is being paid, and the property is being maintained.
6. If planning to rent, do I need to spend money first?
Talking to a local property manager may help you identify any upgrades needed or compliance issues needing to be fixed - e.g. smoke alarms, pool fences, curtains, blinds, RCDs and other safety concerns.
For more in-depth advice and to discuss your unique situation, give us a call at House Estate Agents! We'd love to help you make your move a success.